Present Estates II Flashcards
Fee simple _______ is the most unrestricted and longest estate.
Fee simple absolute is the most unrestricted and longest estate.
What are the three types of Fee Simple Defeasible?
1) Fee simple _______
2) Fee simple ___________
3) Fee simple ____________
What are the three types of Fee Simple Defeasible?
1) Fee Simple Determinable
2) Fee Simple Subject to Condition Subsequent
3) Fee Simple Subject to an Executory Limitation
A fee simple _______ is a fee simple, which automatically comes to an end when a stated event occurs (or fails to occur). Most often, it is used to prevent the property from being put to a certain use.
A fee simple DETERMINABLE is a fee simple, which automatically comes to an end when a stated event occurs (or fails to occur). Most often, it is used to prevent the property from being put to a certain use.
A fee simple __________ provides for the estate to pass to a third person upon the happening of the stated event.
A fee simple SUBJECT TO EXECUTORY LIMITATION provides for the estate to pass to a third person upon the happening of the stated event.
A __________ is an interest, which lasts for the lifetime of a person.
A life estate is an interest, which lasts for the lifetime of a person.
What is A’s interest?
O to convey “to A and his heirs, but if A dies without children, then to B and his heirs”
FEE SIMPLE SUBJECT TO EXECUTORY LIMITATION
What is A’s interest?
O to convey “to A during the election”.
FEE SIMPLE DETERMINABLE
What is A’s interest?
O to convey Blackacre “to A”
FEE SIMPLE ABSOLUTE
What is A’s interest?
O to convey “to A and his heirs, but if A dies without children, then to B and his heirs”.
FEE SIMPLE SUBJECT TO EXECUTORY LIMITATION
O to A for A’s life. Then A dies, devising her entire estate to B. What is the duration of B’s estate?
B has no estate. Upon the death of A, the life estate end.
O conveys to A for life. Then A conveys to B for 2 years. One month later A dies. What is the duration of B’s estate?
No more. B’s estate ends when A dies.
O conveys to A and his heirs. Then A conveys to B for 2 years. One month later A dies. What is the duration of B’s estate?
B’s estate is unaffected by A’s death. B has one more year of possession left.
What interest does O have if O conveys to A for A’s life? What interest does A have?
A has a life estate. O has the right to possession after A dies.
What interest does O have if O conveys to A for B’s life? What interest does A have?
A has a life estate. (B is the measuring life)
O has the right to possession after B dies.
O conveys to A for life. A immediately conveys to B. What is the duration of B’s estate?
B has a life estate, measured by the life of A.
O conveys to A and her heirs until A divorces, then to O.
Fee Simple Determinable
O conveys to A and her heirs during the time that A is married, then to O.
Fee Simple Determinable
O conveys to A and her heirs, but if A divorces, then back to O.
Fee Simple Subject to a Condition Subsequent
O to A and her heirs, provided that A does not divorce and if A divorces, then to O.
Fee Simple Subject to a Condition Subsequent
O to A and her heirs.
Fee Simple Absolute
What type of Fee Simple Defeasible uses words like:
until, so long as, while, during
Fee Simple Determinable
These words of temporal limitation indicate that the duration of the estate being conveyed is actually by the added limitation.
O to A and her heirs, however, if A divorces, then to O.
Fee Simple Subject to a Condition Subsequent
What type of Fee Simple Defeasible uses words and phrases like:
but if, provided that, on condition that, however
Fee Simple Condition Subsequent
Which kind of estate ends automatically upon the happening of a limiting condition: a fee simple determinable estate or a fee simple subject to condition subsequent?
Fee Simple Determinable
Transfer:
O to A for life, remainder to B.
What is A’s interest?
What is B’s interest?
A has a life estate.
B has a vested remainder.
O to A for life.
What is A’s interest?
What is O’s interest?
A has a life estate.
O has a reversion.
Definitions:
_____________ is any legal right associated with specific property.
an Interest
An interest is any legal right associated with specific property.
Definitions:
_____________ is a current ownership right where the owner must wait until a future time to take possession of the property.
Future Interest
A Future Interest is a current ownership right where the owner must wait until a future time to take possession of the property.
Definitions:
_____________ is a present or future possessory interest in property.
Estate
An Estate is a present or future possessory interest in property.
Definitions:
_____________ is a current ownership right where the owner has right to current possession.
Present Interest
A Present Interest is a current ownership right where the owner has right to current possession.
Definitions:
________ are a category of estate consisting of Fee Simple, Life Estates and Fee Tail (where applicable).
Freehold Estates
Freehold Estates are a category of estate consisting of Fee Simple, Life Estates and Fee Tail (where applicable).
Definitions:
Property is _____ if the owner can transfer ownership by a will (testamentary transfer).
Devisable
Property is devisable if the owner can transfer ownership by a will (testamentary transfer).
Definitions:
Property is _____ if the property can still pass to the owner’s heirs even if the owner dies without a will (intestate).
Inheritable (aka Descendible)
Property is inheritable if the property can still pass to the owner’s heirs, even if the owner dies without a will (intestate).
Definitions:
Property is _____ if the owner can sell or gift the interest during the owner’s lifetime (inter vivos transfer).
Alienable (aka assignable, transferrable)
Property is Alienable if the owner can sell or gift the interest during the owner’s lifetime (inter vivos transfer).
Definitions:
___________: the chance that property might return to the granter upon the happening of the condition subsequent.
Possibility of Reverter
Possibility of Reverter: the chance that property might return to the granter upon the happening of the condition subsequent.
Definitions:
A __________ is a present possessory estate followed by a possibility of reverter in the grantor.
Fee Simple Determinable
A Fee Simple Determinable is a present possessory estate followed by a possibility of reverter in the grantor.
Definitions:
________: The grantor’s right to retake property upon the occurrence of the condition subsequent.
Right of Re-Entry
Right of Re-Entry: the grantor’s right to retake property upon the occurrence of the condition subsequent.
